Asheboro City Schools Education Foundation
- Assets
- $986.3k
- Revenue
- $94.8k
- Investments
- $0.0
- Employees
- 0
- Location
- Asheboro, NC
- Founding
- 05/1992
- Data as of
- 06/2024
- EIN
- 56-1761842
Organization Overview
Asheboro City Schools Education Foundation is located in Asheboro, NC. The organization was established in 1992. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Asheboro City Schools Education Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2024, Asheboro City Schools Education Foundation generated $94.8k in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 5.7% each year. All expenses for the organization totaled $53.2k during the year ending 06/2024. While expenses have increased by 8.1% per year over the past 5 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2024
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE CONTINUING SUPPORT OF ASHEBORO CITY SCHOOLS AND ITS EDUCATIONAL PROGRAMS AND PROVIDE PHILANTHROPIC OPPORTUNITIES ALLOWING DONORS TO MAKE GIFTS WHICH WILL IMPROVE THE QUALITY OF EDUCATION FOR STUDENTS IN THE ASHEBORO CITY SCHOOLS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ASHEBORO CITY SCHOOLS EDUCATION FOUNDATION RECEIVES MONETARY DONATIONS FROM THE PUBLIC AND USES THEM TO AWARD SCHOLARSHIPS TO SENIORS FROM ASHEBORO HIGH SCHOOL WHO ARE ATTENDING INSTITUTIONS OF HIGHER LEARNING UPON GRADUATION. FOR THE YEAR ENDING JUNE 30, 2024, THE ASHEBORO CITY SCHOOLS EDUCATION FOUNDATION AWARDED SCHOLARSHIPS TO 30 SENIORS (PAID DIRECTLY TO THEIR RESPECTIVE INSTITUTIONS OF HIGHER LEARNING) TOTALING $32,500.
THE ASHEBORO CITY SCHOOLS EDUCATION FOUNDATION ACCEPTED SEVERAL DONATIONS THAT WERE INTENDED TO BE USED FOR IMPOVERISHED STUDENTS' FIELD TRIP EXPENSES. SPECIFICALLY, THERE WERE FIVE DONATIONS (ONE DONATION IN THE AMOUNT OF $2,400, THREE IN THE AMOUNT OF $600, AND ONE IN THE AMOUNT OF $350) THAT WERE GIVEN TO PAY THE FIELD TRIP COSTS FOR 7.5 8TH GRADE STUDENTS AT SOUTH ASHEBORO MIDDLE SCHOOL TO ATTEND A FIELD TRIP TO WASHINGTON D.C.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sandra Spivey Vice President | Officer | 0.5 | $0 |
Carla Freemyer Member At Large | Trustee | 2 | $0 |
Carle Hall Member At Large | Trustee | 0.25 | $0 |
Sam Ramsey Member At Large | Trustee | 0.25 | $0 |
Janice Kite Member At Large | Trustee | 0.25 | $0 |
Kathryn Lail Member At Large | Trustee | 0.25 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $71,864 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $71,864 |
| Total Program Service Revenue | $0 |
| Investment income | $22,912 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $94,776 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $4,550 |
| Grants and other assistance to domestic individuals. | $32,500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $16,191 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $53,241 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $419,180 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $567,167 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $986,347 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $48,047 |
| Net assets with donor restrictions | $938,300 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $986,347 |